ORSERO GROUP Q1 2025 RESULTS*

Milan, 14 May 2025

* Three months ended 31 March 2025

Agenda

Key financials Q1 2025 page 3 Appendix page 10

DISCLAIMER

This document (the Document) was prepared by ORSERO S.p.A. (Company) only for the purposes of presenting the Company.

The information contained herein may not be complete and exhaustive and no guarantee can be given as to its accuracy.

This Document was drafted on the basis of data and information of the Company and/or in the public domain, and on parameters and assumptions determined in good faith by the Company. However, these parameters and assumptions are not the only ones that could have been selected for the purpose of preparing this Document, therefore the application of additional parameters and assumptions, or the existence of different market conditions, could lead, in good faith, to analyses and assessments that may differ, in whole or in part, from those contained herein.

The information and/or the assessments contained herein have not been subjected to verification by independent experts, and are subject to changes and/or updates. The Company undertakes no obligation to give prior or subsequent communication in the event that any such changes and additions may become necessary or appropriate.

No information contained in this Document can or shall be considered a guarantee or an indication of future operating, financial and equity results of the Company.

To the extent permitted by applicable law, the Company and its corporate officers, managers, employees, and consultants do not make any declaration or guarantee and do not assume any obligation, either express or implied, or responsibility as to the accuracy, sufficiency, completeness and update of any information contained in the Document nor in respect of any errors, omissions, inaccuracies or negligence herein.

This Document is provided merely for information and indicative purposes and does not constitute in any way a proposal to enter into any contract nor a public offering of financial products, nor advice or a recommendation to buy or sell any financial products.

You are the exclusive addressee of this Document which as such cannot be delivered nor disclosed to any third parties nor reproduced, in whole or in part, without the prior authorization of the Company.

The Manager in charge of preparing the corporate accounting documents of Orsero S.p.A., Mr. Edoardo Dupanloup certifies, pursuant to art. 154-bis, paragraph 2, of Legislative Decree 58/98 that the accounting information contained in this press release corresponds to the documentary results, books and accounting records.

Minor discrepancies in calculating percentage changes and totals in tables of this presentation are due to rounding.

Key Financials Q1 2025*

Q1 2025 Results ● Distribution BU driving Group's improvement

• Economic and Financial response

In Q1 2025, capex are perfectly in line with expectations, enhancing the Group's distribution footprint, counting: investments for the Verona warehouse last mile, alongside other improvements to buildings and equipment across the warehouses in France, Spain and Portugal. The mentioned investments are carried out in alignment with the Group's ESG strategic plan.
Interest rates situation: the hedging strategies put in place by the Group allow for substantial stability in the cost of debt (gross debt: about 99% with more than 1,9 years duration; 86% resulting in fixed rates)
On May 14, a dividend of 0,50 €/share is to be paid to Orsero shareholders with a total outlay of abt. 8,4 M€
FY 2025 Guidance confirmed

• Market context

The first quarter of 2025 experienced pressures on consumer spending and a complex and uncertain geopolitical environment, characterized by the ongoing Ukraine-Russia conflict and anticipated USA tariffs. Despite these challenges, the Group achieved strong results, increasing both net sales and profitability, and driven by the Distribution BU. This performance highlights the resilience of the Group's product categories, even during the typically lower-performing first quarter of the year.

• Distribution BU

Sales growth of +12,6% vs Q1 2024
- ‣ Sales grew thanks to the increase in both volumes and prices, driven by the contribution of the high value-added categories and in particular of exotic fruit, kiwifruit, table grapes and platano canario.
Adjusted EBITDA margin comes in at 4,4% vs 3,7% in Q1 2024, in the light of:
- ‣ Satisfactory output of some F&V campaigns: exotic fruit products, pineapples, platano canario, stone fruit and table grapes. Banana business is beating the forecast so far.
Shipping BU
- Satisfying overall result, in line with the expectations
Adjusted EBITDA of 7,9 M€, representing 27,5% of net sales (Q1 2024: 25,6%)

Executive summary ● Consolidated figures

M€	Q1 2025	Q1 2024	TOTAL CHANGE
			Amount	%
Net Sales	379,6	337,9	41,7	12,3%
Adjusted EBITDA*	21,5	16,8	4,7	28,0%
Adjusted EBITDA Margin	5,7%	5,0%	+69 bps
Adjusted EBIT	13,0	8,6	4,3	50,3%
Adjusted Net Profit **	8,1	4,9	3,2	65,7%
Net Profit	7,5	5,0	2,5	50,3%

M€	31.03.2025	31.12.2024
Net Invested Capital	375,8	367,6
Total Equity	260,7	256,4
Net Financial Position	115,1	111,2
NFP/ Total Equity	0,44	0,43
NFP/Adj. EBITDA	1,30	1,33

Net Financial Position excl. IFRS 16***	59,9	54,8
NFP/ Total Equity excl. IFRS16	0,23	0,21
NFP/Adj. EBITDA excl. IFRS16	0,85	0,83

Distribution BU: registered a significant increase of +12,6%
Shipping BU: good performance overall and special mention to the dry cargo segment
Adjusted EBITDA comes in at 21,5 M€, up 4,7 M€ or +28,0% vs Q1 2024, with a margin of 5,7%, (up by 69 bps vs Q1 2024)
Overall, this satisfying result is driven by the distribution BU, aligning with the Group's strategy
Adjusted EBIT moves upwards to 13,0 M€, up 4,3 M€ or +50,3% vs Q1 2024, as a direct consequence of higher operating results
Adjusted Net profit is up 3,2 M€, to 8,1 M€
Net profit (reported) stands at 7,5 M€
Total Equity rises to 260,7 M€, on the back of period net profit
Net Financial Position Excl. IFRS 16(***) is 59,9 M€ (Net Debt), including:

Cash and cash equivalents of 85,7 M€
Gross financial debt of 126,7 M€
Deferred considerations of the French acquisitions of 18,4 M€
Net Financial Position, stands at 115,1 M€
Including 55,3 M€ IFRS 16 liabilities

* Adjusted EBITDA excl. IFRS 16 is equal to 16,6 M€ in Q1 2025 and 12,4 M€ in Q1 2024

** Adjusted for non-recurring items and Top Management incentives, net of their estimated tax effect

*** IFRS 16 effect consisting in NFP of 55,3 M€ at the end of Q1 2025 and 56,4 M€ at the end of 2024

Net Sales and Adj. EBITDA

NET SALES VARIANCE (M€)

ADJUSTED EBITDA VARIANCE (M€)

Net sales Q1 2025 post an overall progress of 41,7 M€ or +12,3% vs Q1 2024

Distribution is up by 40,2 M€, or +12,6%:
Increasing sales in Q1 2025, thanks to the effect of both volumes and the product mix, improved by the high value-added categories
Shipping increases by 0,5 M€, or + 1,9%, driven by a strong dry cargo segment and a stable reefer segment. Reefer segment still maintains a satisfying loading factor (above 90%)
Holding & Services is unchanged and inter-segment eliminations is up by 1,0 M€

Q1 2025 Adjusted EBITDA is up by 4,7 M€ or +28,0% vs Q1 2024, margin is 5,7% vs 5,0% in Q1 2024:

Distribution improves+34,0% versus Q1 2024 thanks to:
Improvements in terms of product mix, with high value- added categories (in particular, exotic fruit products, pineapples, platano canario, stone fruit and table grapes) performing well

Shipping increases by 0,7 M€:

Stable reefer segment situation, on the back of an improvement of the dry cargo segment
Holding & Services is unchanged

Adjusted EBITDA excl. IFRS 16(*) is 16,6 M€ vs 12,4 M€ in Q1 2024, or 4,4% of net sales vs 3,7% LY

Consolidated Net Profit

Adjusted Net Profit Q1 2025 increases to 8,1 M€, excluding the adjustments and their tax effect:

Resulting from higher margins, slightly higher D&A/provisions, almost unchanged financial and increased taxes (with an increased tax rate due to the tax effect linked to the lower contribution of the Shipping BU on the net profit, tax rate Q1 2025 is equal to 25,1% vs 23,0% in Q1 2024)
Total adjustments in Q1 2025 equal to a loss of -0,7 M€, net of estimated tax, comprising:
- provision for employees' profit sharing in Mexico and France of 374 K€, Top Management MBO of 195 K€, and other minor adjustments
Net Profit comes in at 7,5 M€.

Consolidated Net Equity and NFP

NFP EXCL. IFRS 16 VARIANCE - ILLUSTRATIVE (M€)

* Change net of bad debt accruals

** Excluding non-cash capex related to incremental IFRS 16 right-of-use equal to 3,3 M€.

*** Amounts gross of bad debt accruals

Total Shareholders' Equity comes in at 260,7 M€ as a result of:

Net profit of the period of 7,5 M€
Negative effect of hedging derivatives MTM at -2,7 M€ (oil/EUA, interest rates and USD)
Others negative of 0,4 M€

NFP excl. IFRS16 comes in at 59,9 M€, or 115,1 M€ with IFRS16 liabilities:

Positive cash flow generation of abt. 11,7 M€
Commercial NWC release of 11,1 M€ (*)
Operating Cash Capex(**) are 3,1 M€, for investments in core activities:
1,4 M€ for the new Verona warehouse
0,1 M€ ERP in Italy, Spain and Portugal
0,3 M€ for the growth project in Seville and for other warehouses improvements in Spain, Portugal and France
0,2 M€ ships upgrade
1,1 M€ related to several minor recurring investments on distribution platforms
Others totalling 2,6 M€ of negative effect, mainly including: +0,7 M€ cash dividend received by minorities and -3,6 M€ change in MTM

Cash and cash equivalents come in at 85,7 M€

Liabilities related to IFRS 16 are equal to 55,3 M€

• The incremental IFRS 16 right-of-use of FY 2024 are equal to 3,3 M€

Guidance check and balance

M€	ACTUAL Q1 2025	GUIDANCE FY 2025*	ACTUAL FY 2024
Net Sales	379,6	1.580/1.640	1.571,3
% chg. vs LY	+12,3%	+2,5%	+2,0%
Adj. EBITDA	21,5	77/82	83,7
% chg. vs LY	+28,0%	-5,0%	-21,9%
Adj. Net Profit	8,1	26/30	31,5
% chg. vs LY	+65,7%	-11,1%	-41,6%
NFP (*)	115,1	110/105	111,2

(**) CAPEX	3,1	15/17	26,7

NFP excl. IFRS 16	59,9	50/45	54,8

Strong start to the year on easy distribution comparison and stable shipping

* Percentages calculated on the mid point of the FY 2025 Guidance.

Company structure

COSIARMA Italy

ORSERO CR Costa Rica

AGRICOLA AZZURRA *

FRUTTITAL

GALANDI Italy

Italy 50%

SIMBA Italy

Greece

SIMBACOL Colombia

BELLA FRUTTA

EUROFRUTAS Portugal

ACAPULCO Mexico

COMM. DE FRUTA

I FRUTTI DI GIL Italy 51%

Italy

BLAMPIN ** France

AZ FRANCE France

CAPEXO France

FRUTTICA France

H.NOS FERNANDEZ LOPEZ Spain

BONAORO * Spain 50%

CITRUMED*** Tunisia 50%

MOÑO AZUL * Argentina 19,2%

Shipping Distribution Holding & Services

ORSERO SPA Italy

FRESCO SHIP'S AGENCY & FOWARDING Italy

ORSERO SERVIZI Italy

FRUPORT * Spain 49%

* Equity Method

** 80% of fully diluted share capital + call option on 13,3%

*** at cost

Governance & Shareholders' structure

Consolidated Income Statement

Net sales 1.041.535 100,0% 1.069.776 100,0% 1.196.284 100,0% 100,0% 1.540.813 1.571.270 100,0% 337.894 100,0% 379.600 100,0% Cost of sales (953.725) -91,6% (975.562) -91,2% (1.077.434) -90,1% (1.369.334) -88,9% (1.424.362) (306.382) -90,7% (343.100) -90,4% -90,7% Gross profit 87.810 8,4% 11,1% 94.214 8,8% 118.850 9,9% 171.478 146.908 9,3% 31.512 9,3% 36.500 9,6% General and administrative expense (67.650) -6,5% (71.071) -6,6% (75.831) -6,3% (100.254) -6,5% (99.139) (23.961) -7,1% (25.245) -6,7% -6,3% Other operating income/expense (1.397) -0,1% (19) 0,0% (3.077) -0,3% (6.293) -0,4% (3.751) 1.130 0,3% 827 0,2% -0,2% 18.763 1,8% 23.125 2,2% 39.942 3,3% 4,2% 64.931 44.018 2,8% 8.681 2,6% 12.082 3,2%	AMOUNTS IN €/000





	Operating Result (Ebit)
Financial income 252 0,0% 352 0,0% 321 0,0% 1.512 0,1% 2.072 0,1% 467 0,1% 265 0,1%
Financial expense and exchange rate diff. (3.943) -0,4% (3.665) -0,3% (5.690) -0,5% (12.457) -0,8% (11.111) (3.024) -0,9% (2.750) -0,7% -0,7%
Other investment income/expense 813 0,1% 4 0,0% (483) 0,0% 524 0,0% 60 3 0,0% 4 0,0% 0,0%
Share of profit/loss of associates and joint 795 0,1% 1.019 0,1% 2.041 0,2% 1.614 0,1% 2.047 327 0,1% 371 0,1% 0,1% ventures accounted for using equity method
Profit before tax 16.679 1,6% 20.835 1,9% 36.131 3,0% 3,6% 56.124 37.086 2,4% 6.453 1,9% 9.972 2,6%
Income tax expense (4.411) -0,4% (2.327) -0,2% (3.671) -0,3% (7.995) -0,5% (9.406) -0,6% (1.487) -0,4% (2.507) -0,7%
NET PROFIT 12.269 1,2% 18.508 1,7% 32.460 2,7% 48.129 3,1% 27.680 1,8% 4.967 1,5% 7.465 2,0%
ADJUSTED EBITDA – EBIT BRIDGE :

48.404 4,6% 52.929 4,9% 76.058 6,4% ADJUSTED EBITDA 107.114 7,0% 83.690 5,3% 16.822 5,0% 21.532 5,7%

D&A – excl. IFRS16	(16.996)	-1,6%	(18.011)	-1,7%	(15.554)	-1,3%	(16.845)	-1,1%	(17.615)	-1,1%	(4.073)	-1,2%	(4.266)	-1,1%
D&A – Right of Use IFRS16	(7.184)	-0,7%	(6.983)	-0,7%	(12.560)	-1,0%	(14.647)	-1,0%	(15.423)	-1,0%	(3.788)	-1,1%	(3.952)	-1,0%
Provisions	(1.809)	-0,2%	(2.408)	-0,2%	(2.245)	-0,2%	(2.841)	-0,2%	(1.953)	-0,1%	(338)	-0,1%	(350)	-0,1%
Top Management Incentives	(1.092)	-0,1%	(1.753)	-0,2%	(3.033)	-0,3%	(3.185)	-0,2%	(2.241)	-0,1%	-	0,0%	(257)	-0,1%
Non recurring Income	35	0,0%	1.909	0,2%	-	0,0%	2.533	0,2%	1.042	0,1%	973	0,3%	4	0,0%
Non recurring Expenses	(2.595)	-0,2%	(2.557)	-0,2%	(2.725)	-0,2%	(7.198)	-0,5%	(3.481)	-0,2%	(916)	-0,3%	(630)	-0,2%
OPERATING RESULT (EBIT)	18.763	1,8%	23.125	2,2%	39.942	3,3%	64.931	4,2%	44.018	2,8%	8.681	2,6%	12.082	3,2%

Segment Reporting – Sales and Adjusted EBITDA

NET SALES	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	2023				2024				2025
M€						Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Distribution	982,8	1.000,5	1.091,7	1.453,0	1.496,1	323,1	393,3	380,7	355,9	320,3	386,8	393,8	395,2	360,5
Var. y.o.y.	3,4%	1,8%	9,1%	33,1%	3,0%	33,2%	38,6%	30,9%	29,6%	-0,9%	-1,7%	3,4%	11,0%	12,6%
Shipping	95,3	103,8	142,4	132,7	116,0	34,5	34,5	29,3	34,4	28,1	29,9	25,8	32,3	28,6
Var. y.o.y.	11,8%	9,0%	37,2%	-6,8%	-12,6%	13,9%	-11,5%	-20,1%	-5,5%	-18,6%	-13,5%	-11,9%	-6,1%	1,9%
Holding & Service	10,5	10,6	11,6	11,0	10,8	2,8	2,6	2,6	3,0	2,6	2,7	2,6	2,8	2,6
Inter Segment	( 47,1)	( 45,1)	( 49,4)	( 55,9)	(51,6)	( 13,1)	( 14,3)	( 13,4)	( 15,2)	(13,1)	( 13,2)	( 11,3)	(14,1)	( 12,1)
Net Sales	1.041,5	1.069,8	1.196,3	1.540,8	1.571,3	347,3	416,1	399,3	378,1	337,9	406,2	411,0	416,2	379,6
Var. y.o.y.	3,6%	2,7%	11,8%	28,8%	2,0%	31,6%	33,3%	25,5%	25,2%	-2,72%	-2,4%	2,9%	10,1%	12,3%

ADJUSTED EBITDA	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	2023			2024					2025

ME
Distribution	36,7	35,4	35,0	73,7	69,1
% to Net Sales	3,7%	3,5%	3,2%	5,1%	4,6%
Shipping	17,7	24,4	48,3	41,6	22,2
% to Net Sales	18,5%	23,5%	33,9%	31,3%	19,1%
Holding & Service	( 5,9)	( 6,9)	(7,3)	( 8,2)	(7,6)
ADJUSTED BRITDA	48,4	52,9	76,1	107,1	83,7
% to Net Sales	4,6%	4,9%	6,4%	7,0%	5,3%

ADJUSTED EBITDA	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	2023				2024				2025
M€						Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Distribution	36,7	35,4	35,0	73,7	69,1	15,6	23,1	24,0	11,0	11,7	20,2	24,9	12,3	15,7
% to Net Sales	3,7%	3,5%	3,2%	5,1%	4,6%	4,8%	5,9%	6,3%	3,1%	3,7%	5,2%	6,3%	3,1%	4,4%
Shipping	17,7	24,4	48,3	41,6	22,2	12,9	12,1	7,9	8,6	7,2	5,7	3,1	6,2	7,9
% to Net Sales	18,5%	23,5%	33,9%	31,3%	19,1%	37,4%	35,2%	26,9%	25,0%	25,6%	19,1%	12,1%	19,1%	27,5%
Holding & Service	( 5,9)	( 6,9)	( 7,3)	( 8,2)	(7,6)	( 2,3)	( 2,2)	( 1,8)	( 1,9)	(2,1)	( 1,8)	( 2,0)	(1,7)	( 2,0)
ADJUSTED EBITDA	48,4	52,9	76,1	107,1	83,7	26,2	33,0	30,1	17,8	16,8	24,1	26,0	16,8	21,5
% to Net Sales	4,6%	4,9%	6,4%	7,0%	5,3%	7,6%	7,9%	7,5%	4,7%	5,0%	5,9%	6,3%	4,0%	5,7%

Consolidated Statement of Financial Position

AMOUNTS IN €/000	31/03/2025	31/12/2024
Goodwill	127.447	127.447
Intangible assets other than Goodwill	10.099	10.374
Property, plant and equipment	186.428	188.318
Investment accounted for using equity method	21.907	22.378
Non-current financial assets	5.638	5.664
Deferred tax assets	7.048	6.981
NON-CURRENT ASSETS	358.568	361.162

Inventories	61.254	54.533
Trade receivables	149.272	154.354
Current tax assets	12.306	14.217
Other receivables and other current assets	17.812	16.697
Cash and cash equivalents	85.270	85.360
CURRENT ASSETS	325.914	325.160
Non-current assets held for sale	-	-
TOTAL ASSETS	684.482	686.322

AMOUNTS IN €/000	31/03/2025	31/12/2024
Share Capital	69.163	69.163
Other Reserves and Retained Earnings	182.373	158.740
Profit/loss attributable to Owners of Parent	6.985	26.805
Equity attributable to Owners of Parent	258.521	254.708
Non-controlling interests	2.165	1.692
TOTAL SHAREHOLDERS' EQUITY	260.686	256.400
Financial liabilities	139.873	141.419
Other non-current liabilities	669	725
Deferred tax liabilities	3.877	4.603
Provisions	5.252	5.144
Employees benefits liabilities	9.533	9.510
NON-CURRENT LIABILITIES	159.203	161.401

Financial liabilities	60.958	58.411
Trade payables	164.848	174.132
Current tax liabilities	7.444	7.957
Other current liabilities	31.343	28.021
CURRENT LIABILITIES	264.593	268.521
Liabilities directly associated with non-current assets held for sale	-	-
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	684.482	686.322

Definitions & Symbols

Y.o.y. = year on year

Abt. = about

Adjusted EBITDA = Earning Before Interests Tax, Depreciation and Amortization excluding non-recurring items and costs related to LT incentives

AGM = Annual General Meeting

Approx. = Approximately

ASM = Annual Shareholder's Meeting

BAF = Bunker Adjustment Factor

BC = Business Combination

BoD = Board of Directors

Bps. = basis points

BU = Business Unit

CAM Line = Central-South America | South Europe Shipping Route

D&A = Depreciations and Amortizations

EBIT = Earnings Before Interests Tax

EBITDA = Earnings Before Interests Tax Depreciations and Amortizations

Excl.= excluding

F&V = Fruit & Vegetables

FTE = Full Time Equivalent

FY = Full Year | Fiscal Year (twelve months ended 31 December)

H1 = first half (six months ended 30 June)

H2= second half (six months from 1 July to 31 December)

HFL = Hermanos Fernández López S.A.

I/S = Inter Segment

I/co = Intercompany

LFL = Like for like LTI = Long-Term Incentive/long term bonus LY= Last Year

MBO = Management by Objectives/Short term bonus

M&A = Merger and Acquisition

MLT = Medium Long-Term

MTM = Mark to market

NFP = Net Financial Position, if positive is meant debt

NS = Not significant

PBT = Profit Before tax

Plt. = Pallet

PY = previous year or prior year

Q = Quarter/trimester

SPAC = Special Purpose Acquisition Company

TTM = Trailing 12 months

YTD = Year to date

FY = Twelve months ended December 31.

WW = Word Wide

M = million

K = thousands

€ = EURO

, (comma) = separator of decimal digits

. (full stop) = separator of thousands

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